Bitcoin Near $74K but Signals Suggest Downtrend May Continue

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Bitcoin showed strength throughout the week, but BTC’s correlation with tech stocks and its reactive spot ETF flows suggest the bear market isn’t over yet.

Bitcoin sits above $71,000 as weak US economic data and the US and Israel-Iran war drive investors toward scarce assets.

Tech stocks’ correlation with BTC and rising oil prices suggest that the 5-month correction from $126,000 might not be over.

Bitcoin jumped above $73,000 on Friday, successfully locking in the 70,000 support for the week. These gains occurred as the US reported weak economic activity data, triggering concerns of an impending recession while the war in Iran continues.

While macroeconomic events and institutional inflows may have contributed to Bitcoin’s recent momentum, traders are still questioning if the bear market has actually ended.

Economic turmoil, growing investor appetite for BTC back Bitcoin’s breakout

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